5:58 PM · 14 July 2022

Cisco stock falls after analysts downgrade

Cisco Systems (CSCO.US) dropped over 2.0% on Thursday after J.P. Morgan Securities downgraded the networking equipment maker's rating to “neutral” from “overweight”. Analyst Samik Chatterjee lowered stock price target to $51 from $62 as he is taking "cautious view" on near-term order growth as he expects a slowdown in business spending amid worsening macroeconomic outlook.

Cisco's (CSCO.US) stock has dropped nearly 35.0% since the beginning of the year. Currently price is approaching major support at $41.00, which managed to fend off bears twice. Source: xStation5

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